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Since Orsinger and Caruso danced around issues of price competition and lack of consumer sales growth and basically said nothing, I figured I'd give him a real answer.
Keywords: obama, Michael Weinstein, jp morgan, JNJ, invest, stock, financial, analyst
Date Created/Edited: October 17, 2013
J. P. Morgan and Company
Healthcare Equipment and Supplies
277 Park Avenue Floor 39
New York, New York 10172
RE: Johnson & Johnson 3rd Quarter Teleconference: 14 October 2013
Dear Michael Weinstein,
My name is Emily Patterson. I am the creator of and researcher for a web site called Johnson and Toxin. After reading the transcript of the 3rd quarter 2013 teleconference with Johnson & Johnson Vice President of Finance, Dominic Caruso and Johnson & Johnson Worldwide Chairman of DePuy Synthes companies, Michel Orsinger, I felt your questions required a little more realistic clarification.
I feel the interesting questions you asked during the teleconference deserved a far deeper, and more accurate, explanation. You were wondering if Dominic Caruso was referring to lower price competition in the U.S., global or a combination.
After recalls of over 100,000 defective hips, TVTMesh, defective knees, anal staplers, and more over the last few years, Johnson & Johnson is paving the way for competitors to surpass the pathetically low quality and testing standards at Johnson & Johnson and subsidiary companies. Johnson & Johnson prices must stay inflated to compensate for billions of dollars in lawsuits and settlements from these known defective devices. This opens the door for companies with higher ethics, standards and quality controls to charge far less for similar products - because they are far superior to the products offered by Johnson & Johnson.
In your statement you mentioned that there was only 1% growth in the Johnson & Johnson Consumer Segment. As you know, the previous CEO, Bill Weldon, allowed Johnson & Johnson facilities to deteriorate to the point of literal urine bottles in closets. Although it was promised that the facilities would be back up and running at the end of last year, excuse after excuse and $100 million later, Johnson & Johnson is still under consent decree with the United States Food and Drug Administration.
In addition, Johnson & Johnson is still experiencing recalls of products in many countries: January, Aveeno Baby Lotion in the U.S.; March, KY Lubricants in the U.S.; May, baby powder in India (with FDA of India shutting down plant); May, Children's Tylenol in South Korea with ensuing product restrictions; June, Yogurt drink in the United Kingdom; September, Children's Motrin in the U.S. So, as you can see, recalls continue to be an issue, reducing sales and potential for growth until Johnson & Johnson finds a way to improve the consistent quality of their products.
One other point you should consider, as consumers become educated as to the risks of cancer associated with certain ingredients in Johnson & Johnson products, especially baby products, many are choosing other safer sources with fewer chemicals to reduce health risks for their children. This is yet another factor reducing consumer sales growth.
I hope this provided a more detailed explanation for your concerns,
Emily Patterson cc:
1. TRANSCRIPT (2013, October 15). Johnson & Johnson's Management Discusses Q3 2013 Results - Earnings Call Transcript. Seeking Alpha. Retrieved from http://seekingalpha.com/article/1746172-johnson-and-johnsons-management-discusses-q3-2013-results-earnings-call-transcript?page=11&p=qanda&l=last